Javed Siddiqui, Senior Lecturer in Accounting, has been appointed to an important role at the Bangladesh Securities and Exchange Commission (BSEC).
He has been invited to join the Financial Reporting and Corporate Governance Committee of the BSEC as a distinguished external member. The Committee is currently undertaking a review of the regulatory framework and enforcement mechanisms for financial reporting and corporate governance for listed companies in the country.
Dr Siddiqui, who has been researching corporate governance for many years and especially in developing countries, explained the background to the appointment. “Through my research I had built up contacts with Bangladesh which was looking for external advice as it seeks to update its corporate governance regulations to better suit its capital markets.
“Like many developing countries its corporate structures tend to be dominated by family-run businesses and ownership of capital is very concentrated, while there are also very close links between business and politics in general.
“There is therefore a need for auditors to be given a much stronger voice and more value, and this is where my research can play a role. There is a real need in the country to improve company inspection oversight, and to force directors to appoint qualified auditors and accountants.”
Md. Anowarul Islam, Executive Director of the BSEC, said: “We strongly believe that Javed’s professional expertise and valued experiences will help us formulate prudential financial reporting and corporate governance regulations. It is intended to bring about substantial changes in corporate governance and transparency of listed companies.”
Dr Siddiqui added that for the time being he will take up his role through online meetings to avoid travelling to Bangladesh during the pandemic. “The fact that everyone is now communicating far more online actually means that it is easier for such committees to appoint external advisers from other countries and still receive valuable feedback.”